The Timaru Herald FRIDAY, OCTOBER 16, 1931. THE BRIGHTENING OUTLOOK.

Timaru Herald, Volume CXXXV, Issue 19008, 16 October 1931, Page 8

The Timaru Herald FRIDAY, OCTOBER 16, 1931. THE BRIGHTENING OUTLOOK.

Some of the most chronic of the pessimists, who have become obsessed with depression complex, ought to try and find a little encouragement in the signs of the, times that are appearing within the Empire at least, indicating the return of brighter days. It has remained for no less a world figure than Signor Mussolini to remind us that Britain is not down and out. The Duce points out, in a timely fashion, that “British finances are guaranteed by almost unlimited resources, and confidence in British strength and financial ability throughout the world militated in Great Britain’s favour.” The outspoken Italian encouragingly reminds the people of Britain that the hurricane will be short-lived and a gradual return to calm is assured.” Some of the croakers ought to indulge themselves in a dose of the revitalising medicine prescribed by the leader of the Back Shirts, and take confidence in the reminder that after all the race is still capable of “pulling through” the sternest struggle. It is just as well to say, however, that there are plain warnings everywhere that too much must not be built upon the stimulus trade has received from the latest economic and financialdevelopments in Britain. Some months ago The English Church N&ws published the following observations on the economic situations then confronting the country: “The question of harvest thanksgivings is a perplexing one this year. On the top of the trade depression comes a disastrous summer; the harvest is well-nigh ruined, and so are the farmers; English agriculture, always faced with a severe struggle, has received a heavy blow. The outlook is depressing, indeed. Yet, of course, there will be harvest thanksgivings. It takes a great deal to break down the courage and the patience of the man who works on and lives by the land. . . . Harvest thanksgivings recall us to a sense of values. . . . "The laws of labour on the land are plain. If man will not work neither shall he eat, yet let him work never so hard and be he never so lucky he will never receive a fantastic return. He does not behave as if he had the purse of Fortunatus; the rhythm of Nature keeps him within sober bounds. The laws of high finance are different. They allow men and nations to live by false and illusory standards, to hope to get rich quickly and without effort, to acquire an ideal of life where luxuries come to be looked on as necessities, and the relation between what we desire and what we can afford becomes obscured. Divine laws are also laws of Nature, and it is a dangerous fallacy to suppose that a man or nation that sows sparingly can for ever reap plenteously.”

Generally speaking, of course, we think it can be said that the people of most countries have learned some hard and salutary lessons in the punishing school of adversity into which the whole world was forced during ilie last few years. The adverse forces that have exercised so prolonged and so malignant an influence on the fortunes of the great mass of humanity, have left their mark on this generation, since distress and unemployment have played havoc with the happiness of a large proportion of the race. But as Signor Mussolini suggests, the British people still possess sufficient backbone to face the most overwhelming odds. Happily, however, the flow of trade promises to start again in many countries, and altogether the promise of better times has arrived at the psychological moment, and the country is really on the tip toe of anticipatory interest in the turn of the tide. Even in Australia. where the economic situation has been in the doldrums for some time, there is definite evidence of the dawn of a brighter outlook. The financial editor of The Sydney Daily Telegraph points out’ that Australia’s national income will recover by £90,000,000 during the current year if the present higher prices are maintained. There are grounds for added confidence in the cable messages this morning that convey the news of the rising prices in a very lively wool market. In the last four weeks, it is pointed out, the values of industrial securities had increased by £60,000,000 on the Stock Exchange, and many leading stocks have touched the highest level for months. Wool prices are up 25 per cent., with the world buying strongly. Wheat has jumped from 2/3 to 2/10 a bushel, lead is up 21 per cent., and silver 35 per cent. The Sydney authority points out that although a slight relapse must be expected, the market is growing stronger, on a solid foundation. It w on) 1 1 appear that the tide is definitely turning, and while recovery may come with halting steps, still no one who has eyes to see and ears to hear, can be so deaf or so blind to the' obvious, that they do slot clearly discern definite emergence from the difficult economic situation which has extended to such an inordinate space of time, into the brightening light of the return of more prosperous days.